Fundamental to understanding global business is knowledge of the types of economic systems in which countries operate. Economies can be quickly and easily characterized into three main types: communism, socialism or capitalism which are also referred to as centrally planned, mixed, and free market economies. The primary differences among these types of economies are in the behaviors and attitudes towards ownership of property and the planning techniques employed by the government. In a centrally planned economy, the government owns most or all of the resources of production and plans the production of consumer and other products goods and services. In a free market economy, the ownership of resources is in the hands of private individuals or organizations, taking forms such as partnerships or corporations. The choice of production of goods and services in this system is determined through market forces, that is, the interaction between price, demand, and supply.

Assignment: Discussion—Economic Systems, Comparative Advantage

An international business must understand the economic system embraced by the host country and its implications. Moreover, there are powerful economic arguments in support of international trade and they provide a useful perspective on international business.

Research economic systems using your textbook, Argosy University online library resources, and the Internet. Respond to the following:

•Which economic systems would be most suitable for a country: centrally planned, mixed economy, or market economy? Since Canada is the #1 trading partner with the USA, focus specifically on Canada. Research Canada’s mixed economy and comparing it to the American economy covering any comparative advantages of Canada. State any assumptions you make and give reasons for your position.

By Friday July 13, 2018 submit your assignment to the appropriate Discussion Area.

Write your initial response in 300–500 words. turned-in on time, Grading criteria followed All assignment qualifications addressed correctly, Grading Criteria followed, Include Question followed by the answer Reference Page Included Cover page Included, Paragraphs Indented, Running-head included, main heading should be centered; all new paragraphs should be indented; paper should be right ragged, not right justified; references, should always go on a standalone page. abstracts are not usually indented; acronyms should be spelled out when using them for the first time, for example HR. references as listed are APA standard. When you submit your papers through turnitin.com, your overall similarity index score should not be exceedingly high, with ten to fifteen percent being the maximum, Please make sure your APA formatting of citations. I have provided the APA resource cite for you. https://owl.english.purdue.edu/owl/resource/560/01, Please work on using literature within the span of the last 5 years, keep in mind there should not be any one, two, or three sentence paragraphs. Your response should be thorough and address all components of the discussion question in detail, include citations of all sources, where needed, according to the APA Style, and demonstrate accurate spelling, grammar, and punctuation.

Do the following when responding:

•Read your answers.

•Provide substantive comments by ◦contributing new, relevant information from course readings, Web sites, or other sources; ◦building on the remarks or questions; or ◦sharing practical examples of key concepts from your professional or personal experiences